Condos in Hamilton and Burlington 7th most expensive in Canada, Oakville and Milton 4th: Report
Published November 23, 2023 at 11:21 am
While the average condo price in Canada is down a bit month-over-month, Halton and Hamilton units are still pricier than the average.
According to a recent report by real estate website and brokerage Zoocasa, the national average price of a condo in Canada is $541,500 as of October 2023 (as per the Canadian Real Estate Association).
In Oakville-Milton (the data is combined), the average price is $669,300–$127,800 over average (or 23.60 per cent).
In Hamilton-Burlington (the data is also combined), buyers can find more affordable units, but prices remain elevated compared to other parts of the country. According to the report, the average condo price in the region is $556,100 as of last month–$14,600 over the national average (or 2.70 per cent).
While the Halton and Hamilton regions are expensive for prospective condo buyers, the areas are more affordable than other Canadian cities. According to the report, the average condo price in the Greater Vancouver Area is $770,200–42 per cent higher (or $228,700) than the Canadian average.
The Greater Toronto Area (separated out from Oakville, Burlington, Milton and Hamilton) is also costlier in terms of condos, boasting an average price of $703,500–29.9 per cent above the national average (or $162,000).
“For many Canadians, the dream of owning a detached home is currently more of a fantasy. Affordability is tight, with many detached and even semi-detached markets well out of the price range of the average Canadian buyer. However, condo apartments offer a more affordable price point for entry-level buyers and an opportunity to build equity,” Zoocasa said in the report, adding that the national average is up 0.4 per cent month-over-month.
As for where you can find condos priced below the national average, the report says those units are found in the Prairies and the East Coast. The report says Edmonton boasts the most affordable units, with the average price sitting at $180,600.
Regina is also affordable for condo buyers, with suites costing an average of $217,400.
Saint John, Saskatoon and Winnipeg round out the list of the top five most affordable cities for condo apartments, with average prices of $220,500, $223,400, and $228,400, respectively, according to Zoocasa.
Zoocasa says that B.C. and Ontario buyers do have some options when it comes to more affordable condos. Vancouver Island’s average condo price is $394,300–27 per cent below the Canadian average.
Ontarians looking to spend less can purchase a unit in Grey Bruce-Owen Sound, where the average condo price sits at $336,200–almost 38 per cent below the national average.inthehammer's Editorial Standards and Policies advertising